Analysis

FTX token price outlook after BlockFi acquisition deal

  • FTT holds regular at a $24 help stage.

  • FTX alternate to amass BlockFi for $240 million.

  • The Crypto sector faces bearish strain amid macro-economic components.

Because the cryptocurrency sector faces bearish strain, FTT and different tokens native to crypto exchanges have remained resilient. FTT has solely misplaced 9.6% up to now month since buying and selling at $27, as per knowledge from CoinMarketCap

Comparatively, bitcoin has plunged 36% within the bearish market, which is attributed to macroeconomic components. The hike of rates of interest by the US Federal Reserve and the political turmoil in Europe has shifted consideration to the much less dangerous property.

FTT token is at present buying and selling at $24.4 after a 0.65% acquire up to now day however stays down 8.98% within the final week. Total, the token is buying and selling at 69% beneath its all-time excessive of $76.4.

FTX will get choice to amass BlockFi for $240 million

FTX has signed a take care of the choice to acquire the embattled crypto lender BlockFi for $240 million in a transfer to learn from the bearish crypto area. The deal additionally contains extending the lender a $400 million revolving credit score facility. Though the announcement is but to affect the worth of the FTT token, traders predict to learn from the long-term positive aspects from the enlargement.

FTX has additionally been eager on its geographical enlargement. The alternate was licensed within the first quarter to function a digital asset alternate and clearing home providers within the UAE. Apart, The agency’s European subsidiary was awarded a license to supply providers to institutional traders.

FTT holds regular at $24 help

Supply: Tradingview 

From the every day technical outlook above, FTT is consolidating on the $24 help stage after dropping beneath $35. The token has been on a gradual decline since reaching a excessive of $51 in the direction of the tip of March. The RSI is at 42, affirming that the token has not entered the oversold zone, and additional downward momentum may very well be seen. With the token at a key help stage, a drop beneath it should open additional weak point, and the FTT can commerce decrease.

Abstract

As macro-economic components proceed to carry down the varied crypto property, FTT will stay largely bearish earlier than a pattern reversal. If the token goes beneath the present help stage of $24, it may open additional downward strain. A purchase entry is barely really helpful if the worth clears above the present stage with the affirmation of a bullish value sign.

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